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I have purchased another business and want to merge additional files with mine. I successfully moved the 2019 files but now want to add 2018 and my shorthand in...
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Do we simply use the P&L statement or should K-1's be issued for each?
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Can we just use the P&L for the property and let each take 1/3 of the net profit or do we need to issued K-1's?
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It is owned by the individuals. One of the brothers is mentally challenged so his share is owned by his trust.
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Brothers intend to rent property for less than two years total before selling.
